Progressive (NYSE:PGR) reported March and quarter results for the period ended March 31, 2026. Key month-over-month and year-over-year metrics include March net premiums written $9,911M (+10%), March net income $712M (+36%), and quarter net income $2,818M (+10%). Policies in force rose 9% YoY to 39,565 thousand. Combined ratio improved in March to 88.8 but was 86.4 for the quarter. The company recorded pretax net realized losses on securities of $218M in March and $120M for the quarter.
Loading...
Loading translation...
Positive
Net premiums written +10% (March)
Net income +36% (March)
EPS +37% (March)
Policies in force +9% YoY to 39,565 thousand
March combined ratio improved by 2.1 pts to 88.8
Negative
Pretax net realized losses $218M (March)
Quarter pretax losses $120M (quarter)
Quarter combined ratio worsened 0.4 pts to 86.4
News Market Reaction – PGR
+2.36%
1 alert
+2.36%News Effect
On the day this news was published, PGR gained 2.36%, reflecting a moderate positive market reaction.
Net premiums written:$9,911MNet premiums earned:$7,519MNet income:$712M+5 more
8 metrics
Net premiums written$9,911MMarch 2026, +10% vs March 2025
Net premiums earned$7,519MMarch 2026, +11% vs March 2025
Net income$712MMarch 2026, +36% vs March 2025
EPS (diluted)$1.21March 2026, +37% vs March 2025
Combined ratio88.8March 2026 vs 90.9 in March 2025
Total Personal Lines policies38,369KMarch 31, 2026, +9% vs March 31, 2025
Commercial Lines policies1,196KMarch 31, 2026, +3% vs March 31, 2025
Total policies in force39,565KMarch 31, 2026, +9% vs March 31, 2025
Market Reality Check
Price:$202.58Vol:Volume 3,158,619 is 4% ab...
normal vol
$202.58Last Close
VolumeVolume 3,158,619 is 4% above the 20-day average of 3,025,652.normal
TechnicalPrice 196.59 trades below the 200-day MA of 225.61 and far under the 289.96 52-week high.
Peers on Argus
PGR was down 1.49% pre-news, while key peers were mixed: CB -0.54%, ALL +0.50%, ...
PGR was down 1.49% pre-news, while key peers were mixed: CB -0.54%, ALL +0.50%, TRV +0.04%, HIG +0.47%, CINF +0.10%, indicating stock-specific dynamics rather than a broad sector move.
January 2026 results with premium, earnings and policy growth.
Pattern Detected
Recent monthly results and dividend announcements often saw negative or muted next-day moves, even when operational metrics were positive.
Recent Company History
Over the past few months, Progressive has reported steady growth and profitability across its monthly results. January and February 2026 updates highlighted higher net premiums, rising policies in force, and combined ratios in the mid-80s, yet shares moved down 2.22% and 1.29% the next day. A small quarterly dividend of $0.10 per share also preceded a 1.8% decline. In contrast, an investor event and a senior notes offering saw modestly positive reactions, underscoring inconsistent trading responses to generally solid fundamentals.
Market Pulse Summary
This announcement details strong March 2026 performance, with net premiums written at $9,911M, net i...
Analysis
This announcement details strong March 2026 performance, with net premiums written at $9,911M, net income of $712M, and an improved combined ratio of 88.8. Policies in force rose to 39,565K, including 9% growth in Personal Lines. Compared with recent monthly releases that also showed growth and profitability, this update reinforces a trend of expanding scale and earnings, while investors may track future combined ratios and policy growth for confirmation.
Key Terms
net premiums written, net premiums earned, combined ratio, restricted stock units, +3 more
7 terms
net premiums writtenfinancial
"Net premiums written | $9,911 | | $9,041 | | 10"
Net premiums written is the total amount of insurance premium a company has agreed to collect from customers for new and renewed policies during a period, after subtracting premiums it passes on to other insurers (reinsurance) and cancellations. It matters to investors because it shows the insurer’s actual sales growth and risk retained—like a retailer’s sales after returns and wholesale transfers—so rising net premiums written can signal stronger future revenue and underwriting exposure.
net premiums earnedfinancial
"Net premiums earned | $7,519 | | $6,787 | | 11"
The portion of insurance premiums that a company recognizes as revenue for a specific accounting period after subtracting any amounts paid to other insurers for reinsurance; it represents the cost of insurance coverage actually provided during that time. Think of a year‑long subscription where only the months used are counted as income. Investors watch net premiums earned to gauge an insurer’s revenue growth and underwriting performance, separate from one‑time sales or changes in policy counts.
combined ratiofinancial
"Combined ratio | | 88.8 | | 90.9 | | (2.1"
The combined ratio is a way insurance companies measure how well they are doing by adding up all their costs and claims and comparing them to the money they earn from premiums. If the ratio is below 100%, it means the company is making a profit; if it's above 100%, they are losing money. It helps see if an insurance company is financially healthy or not.
restricted stock unitsfinancial
"he received 1,481 RSUs, each representing one common share"
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
phantom stock unitsfinancial
"she acquired 11.3892 Phantom Stock Units, each corresponding on a 1-for-1 basis"
Phantom stock units are company promises that pay a cash or stock-equivalent award tied to the firm’s share price or value growth, but they do not issue actual shares. Think of them as a bonus check that moves with the stock like a mirror rather than handing over an ownership slice. Investors care because these awards can affect a company’s future cash obligations, executive incentives and reported expenses without causing share dilution.
deferred compensation planfinancial
"into the deferred compensation plan, rather than an open-market sale"
A deferred compensation plan is an arrangement where an employer agrees to pay part of an employee’s pay or bonus at a later date instead of immediately, often to reduce current tax bills or to tie rewards to long-term performance. For investors it matters because these promises create future cash obligations and influence executive incentives and retention; they can affect a company’s reported liabilities, cash flow planning and the risk profile if the business faces financial trouble.
dividend equivalentsfinancial
"acquired through the reinvestment of dividend equivalents and will be settled in cash"
Payments tied to employee or contractor equity awards that mirror the cash dividends paid on the company’s stock; they give the holder the same economic benefit as owning the shares without transferring actual shares—often paid in cash or additional award units when the award becomes payable. Investors care because these payments affect a company’s compensation costs, cash flow and potential share dilution, and they signal how management is being rewarded and aligned with shareholders.
AI-generated analysis. Not financial advice.
MAYFIELD VILLAGE, OHIO, April 15, 2026 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month and quarter ended March 31, 2026:
March
Quarter
(millions, except per share amounts and ratios; unaudited)
2026
2025
Change
2026
2025
Change
Net premiums written
$
9,911
$
9,041
10
%
$
23,641
$
22,206
6
%
Net premiums earned
$
7,519
$
6,787
11
%
$
20,968
$
19,409
8
%
Net income
$
712
$
522
36
%
$
2,818
$
2,567
10
%
Per share available to common shareholders
$
1.21
$
0.89
37
%
$
4.80
$
4.37
10
%
Total pretax net realized gains (losses) on securities
$
(218
)
$
(211
)
3
%
$
(120
)
$
(212
)
(43
)
%
Combined ratio
88.8
90.9
(2.1
)
pts.
86.4
86.0
0.4
pts.
Average diluted equivalent common shares
586.2
587.7
0
%
586.9
587.7
0
%
March 31,
(thousands; unaudited)
2026
2025
% Change
Policies in Force
Personal Lines
Agency – auto
11,056
10,146
9
Direct – auto
16,572
14,771
12
Special lines
7,101
6,637
7
Property
3,640
3,576
2
Total Personal Lines
38,369
35,130
9
Commercial Lines
1,196
1,162
3
Total
39,565
36,292
9
See Progressive’s complete monthly earnings release, including the "Monthly Commentary," for additional information.
About Progressive
Progressive Insurance® makes it easy to understand, buy and use car insurance, home insurance, and other protection needs. Progressive offers choices so consumers can reach us however it’s most convenient for them — online at progressive.com, by phone at 1-800-PROGRESSIVE, via the Progressive mobile app, or in-person with a local agent.
Progressive provides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes; it is the second largest personal auto insurer in the country, a leading seller of commercial auto, motorcycle, and boat insurance, and one of the top 15 homeowners insurance carriers.
Founded in 1937, Progressive continues its long history of offering shopping tools and services that save customers time and money, like Name Your Price®, Snapshot®, and HomeQuote Explorer®.
The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, trade publicly at NYSE: PGR.
What did Progressive (PGR) report for net premiums written in March 2026?
Progressive reported March 2026 net premiums written of $9,911 million, a 10% increase year-over-year. According to the company, this increase supports higher earned premium volume for the month and contributed to quarterly growth trends.
How much net income did Progressive (PGR) report for the quarter ended March 31, 2026?
Progressive reported quarter net income of $2,818 million, a 10% rise versus prior year. According to the company, higher premiums and underwriting performance supported quarterly profitability despite securities losses.
What was Progressive's combined ratio for March and the quarter (2026)?
Progressive's March combined ratio was 88.8quarter combined ratio was 86.4
How did Progressive's policies in force change as of March 31, 2026?
Progressive reported total policies in force of 39,565 thousand, up 9% year-over-year as of March 31, 2026. According to the company, growth was led by both direct and agency auto lines during the period.
What pretax net realized losses on securities did Progressive (PGR) record in March 2026?
Progressive recorded pretax net realized losses on securities of $218 million in March 2026. According to the company, these losses reduced pretax results for the month and partially offset underwriting gains.
What was Progressive's reported EPS for March and the quarter in 2026?
Progressive reported March EPS of $1.21 (available to common shareholders), a 37% increase; quarter EPS was $4.80, up 10% year-over-year. According to the company, higher earnings were driven by premium growth and underwriting performance.
